DYADIC INTERNATIONAL REPORTS SECOND QUARTER 2013 FINANCIAL RESULTS
Jupiter, Florida, August 8, 2013 /PR Newswire/ — Dyadic International, Inc. (OTC Pink: DYAI), today announced financial results for the quarter ended June 30, 2013.
Dyadic’s President and Chief Executive Officer, Mark Emalfarb, stated, “The second quarter represented yet another milestone in the emergence of Dyadic as a world leader in the economically and scientifically important business of industrial biotechnology. Adding to our already world-class stable of partners such as Sanofi and Abengoa, we signed a major license with German chemical giant BASF. The BASF deal further validates the effectiveness and value of our C1 production technology for commercializing enzymes and other proteins.”
During the quarter, Dyadic announced that it entered into a non-exclusive worldwide license agreement with BASF, the world’s leading chemical company with over $90 billion in annual sales. Under the terms of the agreement, BASF will be able to use Dyadic’s patented C1 platform technology to develop, produce, distribute, and sell industrial enzymes in certain fields for a variety of applications.
Additionally, BASF will fund research and development at Dyadic’s research lab in The Netherlands. In addition to this research funding, BASF has agreed to pay Dyadic a $6.0 million upfront license fee, and certain research and commercial milestone fees, as well as royalties upon commercialization.
The Company strengthened its management team with the addition of Danai Brooks as Executive Vice President and Chief Operating Officer. Mr. Brooks joined Dyadic from J.P. Morgan, where he advised clients across a broad spectrum of sectors, including chemical, renewable energy and industrial companies. Prior to J.P. Morgan, Mr. Brooks worked in a variety of senior operating and engineering roles at Dell, Mars and Ford.
In addition to the BASF research and license agreement noted above, other collaboration highlights include:
- In the biopharmaceutical field, Dyadic is nearing its next milestone with Sanofi, which we anticipate will enable the project to move into the pre-clinical testing phase of a specific vaccine. The protein of interest has been successfully expressed from C1 and Dyadic’s R&D team is making further progress on the purification step that is necessary for Dyadic to be able to provide Sanofi with the required quantities of purified protein for them to carry out their intended pre-clinical trials.
- After the close of the quarter, the company collected the final $2.5 million payment from Abengoa Bioenergy related to the expanded license agreement signed in 2012. Dyadic expects Abengoa to begin production at its Hugoton, Kansas cellulosic ethanol plant in the first quarter of 2014. The nameplate capacity of the plant is 25 million gallons per year. In 2014, Dyadic expects to receive royalty payments for the use of C1 technology at the plant.
- Dyadic has initiated plans to expand its new product development capabilities, with a focus on both biofuels and industrial enzymes. We have approved an expansion of our research and development facility in the Netherlands, hired additional scientists and purchased new equipment.
Dyadic International, Inc. is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of enzymes and other proteins for the bioenergy, bio-based chemicals, biopharmaceutical and industrial enzyme industries. Dyadic trades on the OTC Pink tier of the OTC market. Investors can find real-time quotes, market information and financial reports for Dyadic on the OTC market website